Hemscott in £5m cash injection

Britain-based investor website hemscott.NET said on Thursday it would raise £5 million as part of an effort to become a major online financial and investor service business.

'This capital will assist us in developing our plans for the business and offer even greater content and services for our increasing following from both financial institutions and private individuals,' Chief Executive Ros Wilton said.

Most of the money had been raised from existing institutional shareholders, hemscott said in a statement, adding that it had appointed NM Rothschild & Sons as corporate adviser to assist in its strategic development.

Hemscott.NET, which provides investment information and analysis on British companies, was established in July 1999 and demerged from Hemmington Scott Ltd last month. It was launched on the success of hemscott.com, a site used by some investors to exchange share tips.